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Income taxes will reduce how much account owners receive from their traditional IRA savings. But planning ahead can help mitigate those taxes. Start the process now for the 2019 tax year.
An IRA owner who fails to take any required minimum distribution by the applicable deadline will owe the IRS a 50% excess accumulation penalty for any RMD shortfall. To make a proper determination of whether an IRA owner has an RMD shortfall, one must follow the guidelines provided in the RMD regulations.
Like IRA owners and first-generation beneficiaries, successor beneficiaries are subject to a 50% excess accumulation penalty on RMD shortfalls. One of the ways to avoid this penalty is by ensuring that the data used to calculate the RMD amounts are correct.
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